In this photo illustration, the Reddit logo is displayed on a cell phone and computer monitor on February 13, 2024 in Los Angeles, California.
Mario Tama | Getty Images
Reddit is seeking a valuation of up to $6.5 billion in its upcoming IPO, according to a person familiar with the matter.
The company plans to price its IPO between $31 to $34 a share, the person said. The Wall Street Journal was first to report on the expected range and valuation.
Reddit filed to go public in February and plans to trade on the New York Stock Exchange under ticker symbol RDDT.
Employees will be allowed to sell Reddit stock during the offering, the source added. Reddit had a private market valuation of $10 billion when it last raised a funding round of $1.3 billion in 2021, according to PitchBook.
In 2021, Reddit filed a confidential draft of its public offering prospectus with the Securities and Exchange Commission in December 2021.
The company brought in $804 million in annual revenue for 2023, representing a 20% year-over-year increase from $666.7 million, according to its latest IPO prospectus. The company brought in $804 million in annual revenue for 2023, representing a 20% year-over-year increase from $666.7 million. Its net loss narrowed to $90.8 million for 2023 from $158.6 million the year prior.
At the top of the range, Sam Altman’s shares in the company would be worth over $400 million. Altman has invested at least $60 million in Reddit shares.
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